Q. 174.6( 8 Votes )
Explain how import substitution can protect domestic industry.
Import substitution means producing goods in own country than importing them. The government protected the domestic industries from foreign competition by the policy of import substitution.
For this purpose, two important steps were taken -
•At first tax or duty was imposed on import which made the imported goods expensive and
•Secondly quota was fixed for the quantity of goods that can be imported.
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